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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Meta Platforms Inc | NASDAQ:META | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
7.94 | 1.76% | 459.899 | 459.81 | 459.90 | 460.71 | 453.34 | 455.58 | 7,779,207 | 18:39:05 |
By Eliot Brown
In Midtown Manhattan, the extra-slim condo tower at 432 Park Ave. reached its peak 1,396-foot height on Tuesday and become the tallest residential building in the Western Hemisphere, 146 feet taller than the roof of the Empire State Building.
But the crowning of the 104-unit tower--which hosts a $95 million penthouse--marks more than just the latest of the super-tall condos for the ultra-rich.
It is a sign of an inversion going on in the real-estate world: The wealthy are clamoring to buy glassy apartments that soar high in the skyline, while the fastest-growing companies are demanding spacious low-slung buildings and eschewing tall towers.
For most of their history, skyscrapers in major cities like New York were first and foremost office buildings. From the Woolworth Building to the Sears Tower, they held top corporations wishing to express their success and ambitions to clients and investors in the form of sweeping views on high floors of iconic edifices.
But times are changing for the office sector.
Facebook Inc., for example, is building a 430,000-square-foot headquarters in Silicon Valley. While an office tower of that size could rise higher than 20 floors, Facebook's building is merely a single floor, stretched out over one-third of a mile, the size of seven football fields.
Built on stilts over parking, it could be likened to a giant Home Depot, but one with a roof garden pockmarked with skylights that allow light to stream to workers below. The theory is that workers collaborate better when in proximity, and not separated by stairs or elevators that inhabit interaction--a focus on the employee, rather than impressing outsiders with grandeur.
Tech companies around the world are building or occupying similar style buildings.
Twitter's headquarters is in a sprawling former wholesale furniture mart on San Francisco's Market Street. Google last year unveiled plans for a so-called ground-scraper in London, a 1-million-square-foot building that is longer than London's Shard tower is tall. In New York, the search giant occupies one of the largest buildings in the city that is just 18 floors high.
Meanwhile, the high-end residential market has flipped. The toniest addresses in New York were long brick co-ops and townhouses on the Upper East Side like the 17-story 740 Park Ave. Now, the trend is for taller structures.
A strange phenomenon has played out in Manhattan--and to some extent London and San Francisco and Miami--since the economic downturn. Prices for the highest-end new condominiums have skyrocketed, particularly for those that rise above anything else in the sky. While $10 million was once a big number for a residential sale, now pricey apartments within skyscrapers go for $40 million, while the upper crust nears $100 million. Even wire-mesh storage bins in such towers list for $200,000.
Whatever is driving this geyser of demand--be it a bubble created by a flood of international investor speculation or a hunger for real estate by the growing super-affluent class--it is spurring many a developer to start building slim and tall towers.
Write to Eliot Brown at eliot.brown@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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